Definition of Rent seeking:
The concept of rent seeking was established in 1967 and popularized in 1974. It is based on an economic definition of “rent” defined as economic wealth obtained through shrewd or potentially manipulative use of resources.
Engaging in or involving the manipulation of public policy or economic conditions as a strategy for increasing profits.
Rent seeking (or rent-seeking) is an economic concept that occurs when an entity seeks to gain added wealth without any reciprocal contribution of productivity. Typically, it revolves around government-funded social services and social service programs.
The fact or practice of manipulating public policy or economic conditions as a strategy for increasing profits.
Expenditure of scarce resources (capital, human, natural) to produce or gain an asset that generates economic rent.
How to use Rent seeking in a sentence?
- Rent-seeking lobbyists.
- The term rent in rent seeking is based on an economic rent which was defined by economist Adam Smith to mean payments made in excess of resource costs. .
- An example of rent seeking is when a company lobbies the government for grants, subsidies, or tariff protection.
- Rent seeking is an economic concept occurring when an entity seeks to gain wealth without reciprocal contribution of productivity.
- Cronyism and rent-seeking have become an integral part of the way our biggest companies do business.
Meaning of Rent seeking & Rent seeking Definition